Veteran show business execs Harry Sloan and Jeff Sagansky have raised $325 million via an initial public offering in Silver Eagle Acquisition Corp. — $75 million more than initially planned.

The duo, who tapped the markets two years ago for $190 million via Global Eagle Acquisition, plan to focus on acquisitions in the media and entertainment area. The Silver Eagle funds can be used over the next 21 months.

They announced Tuesday that the IPO had closed with 32 million units at $10 per unit, including 2.5 million units granted to the underwriters as an over-allotment. The units are listed on the Nasdaq under the symbol of EAGLU and were trading at $10.05 in mid-session.

Each unit issued in the offering consists of one share of common stock and one warrant to purchase one half of one share of common stock at an exercise price of $5.75 per half share.

The IPO has been met with significant interest on Wall Street. The initial target of $250 million was increased to $285 million and then $325 million due to demand from institutional investors.

Silver Eagle is a special purpose acquisition company and its IPO is the largest SPAC in the past seven years. Silver Eagle was formed for the purpose of acquiring one or more businesses through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination.

Deutsche Bank Securities Inc. acted as the sole book runner for the offering.

Sloan and Sagansky’s Global Eagle Acquisition moved into inflight entertainment in November by acquiring two companies — U.S.-based broadband service Row 44 and Germany-based content supplier Advanced Inflight Alliance — in a transaction valued at $430 million.

Sloan and Sagansky unveiled Global Eagle in early 2011 after Sloan had departed as chairman of MGM in the wake of The Lion completing its restructuring via a pre-packaged bankruptcy.

Sagansky’s currently in charge of Winchester Capital, a private movie and television finance company based in New York. He’s worked for three decade in show business, including serving as president of CBS Entertainment between 1990 and 1994 and as CEO of Paxson Communications between 1998 and 2003.